After a strong rally that pushed gold and silver to record highs this month, prices have started to cool off. Investors appear to be booking profits ahead of key US inflation data expected later this week, which could provide clues on the Federal Reserve’s next interest rate decision.
As of 7:45 am on Wednesday, MCX data showed gold futures for December delivery trading at Rs 1,28,000 per 10 grams, down by Rs 271 or 0.21% from the previous close. Silver futures were also down, trading at Rs 1,50,000 per kilogram — a drop of Rs 327 or 0.22%.
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This comes after bullion prices climbed sharply over the past few weeks, with gold touching an all-time high of $4,381.21 per ounce on Monday.
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